Ex Deutsche Bank CEO criticises successor for skipping hearing

Reuters Staff

2 Min Read

FRANKFURT, Nov 26 (Reuters) - The former head of Germany’s Deutsche Bank Josef Ackermann criticised his successor Anshu Jain on Monday for not agreeing to appear at a German parliamentary hearing this week on Libor manipulation.

Politicians have already accused Indian-born Jain, who became co-head of Germany’s largest bank in June, of “chickening out” by sending his chief compliance officer in his place.

“I always took these tasks upon myself,” Ackermann said at a conference organised by business daily Handelsblatt in Frankfurt. “I think that in this instance, it is the boss who belongs on stage,” he added, in a rare public comment on his successor.

The European Commission and other international regulators are investigating more than a dozen banks for alleged manipulation of the London interbank offered rate (LIBOR), which is used to set the price of trillions of dollars worth of financial products worldwide.

The Commission has not identified the banks, but sources familiar with the matter have said Deutsche Bank is cooperating with the EU regulator.

Deutsche Bank said in July initial findings from an internal probe into alleged rigging of global interest rates found that no members of the management board behaved inappropriately.

Any banks found guilty of breaching EU antitrust rules could face fines of up to 10 percent of their global revenues.

Deutsche Bank will send Stephan Leithner, head of personnel and compliance, to the Nov. 28 finance committee hearing. (Reporting By Olaf Zapke, Writing by Sarah Marsh; Editing by Andrew Heavens)